Blockchain is one of the most adopted and advanced technologies throughout the world. Blockchain has come on a long path. For sure, it is here to stay. We hope everyone has seen how it has transformed the financial sector and is on the way to transforming other industries. The quicker transaction, enhanced data security, immutability, cost savings etc. are the main reasons why blockchain is embraced. Blockchain encrypted QR codes help in securing documents seamlessly.
Blockchain – Untangled and simplified
Have a glance at these points to know why blockchain is trusted and secured:
- The “block” in the blockchain ecosystem refers to a digital record container. All these blocks are connected together in chronological order creating a continuous chain.
- Every single block consists of a timestamp. All blocks are linked with each other by the usage of “hashes” produced by cryptographic algorithms. Any small kind of changes done to the information recorded in a specific block can not be rewritten but are stored in the new block.
- Every new block does not consist of a list of the new records but also consists of a timestamp & previous block’s unique cryptographic signature. The old blocks are forever preserved. New blocks get added to this chain in an irreversible manner. So manipulation and alteration of data in the specific block with no detection becomes impossible.
- Blockchain technology, unlike the conventional approaches, terminates the requirement for any centralised authority. The whole system of blockchain brings “trust” to your data.
How can you secure blockchain in simple steps?
Blockchain technology has the full potential to transform varied industries. Look at how you can secure blockchain solutions and avoid data breaches:
a) Decide whether you require a private or public blockchain solution
The application of blockchain can be referred to as private or public. If we talk about public blockchain, most people can have access to the ledger. Not a single person is in charge of managing it. The management of transactions becomes easy because there are several validators to make sure every transaction is trustworthy and accurate. This type of solution can be secured but needs additional work as you may need to guarantee each transaction recorded in the blockchain is verified by 51 per cent of participants on the network at least (If not, then they will not count). Securing such applications needs much effort because of the distributed nature. The hackers may manage to find their path into a node resulting in damage.
In the private blockchain ecosystem, only a few people can have access to the blockchain ledger. It is managed by one or more participants in the group (also known as validators). So securing such a type of blockchain solution may be quite an easier task as you will not require in dealing with scalability problems. Every transaction is verified before and no need to wait for the approval of more than two validators.
Always keep security features on the top while using blockchain solutions, This technology is designed to be resilient and immutable from the ground up. It does not mean they can not be broken. So try to secure your blockchain solution with more than a single set of user names, passwords, encryption keys etc. Do you know that document authentication QR codes can help you in securing your valuable credentials?
b) Requiring an off-chain or on-chain provider
You can secure blockchain applications through on-chain or off-chain. If you have a public blockchain, then you will not need to trust a third party for functioning. These kinds of blockchain solutions provide the best security as competitors validate the transactions. It is hard for data breaching to occur. On the other hand, the private ledger depends on centralized providers. So securing these kinds of systems needs less effort because many parties are involved. In a few cases, cybercriminals can get around only if they can make the changes at the provider level rather than breaking the application. Securing your blockchain applications can depend on off-chain services and can be a little bit challenging because they might not offer a hundred percent security.
Blockchain has several applications in varied sectors. You can use a certificate validation QR code to secure your documents.
c) Select the type of consensus mechanism
Do you want your solution to be most secure? Obviously yes. For that, it is vital not to select an appropriate consensus algorithm but consider what kind of data validation is needed for particular use cases. It will guarantee an uptime of your system without security breaches. In short, for securing blockchain applications an understanding of consensus mechanisms is needed.
Blockchain technology has a strong impact on how people are running their businesses. There is a need for its security measures as more and more people are utilizing it. It is vital to secure your supporting infrastructure of apps & websites that are interfacing with many users above the blockchain layer. You can secure your data through Blockchain encrypted QR codes.
